Bullish view
- Buy the BTC/USD pair and set a take-profit at 115,000.
- Add a stop-loss at 100,000.
- Timeline: 1-2 days.
Bearish view
- Sell the BTC/USD pair and set a take-profit at 100,000.
- Add a stop-loss at 115,000.
The BTC/USD pair surged to a record high as demand for Bitcoin continued soaring. Bitcoin soared to $110,500, crossing the previous all-time high of $109,300. It has jumped by over 47% from its lowest point in April this year.
Bitcoin soared as demand continued rising as it evolved into a safe-haven asset. Data shows that spot Bitcoin ETFs added Bitcoin assets rose by $329 million on Tuesday. It has added assets in the last five straight days, bringing the week-to-date gains to over $1 billion.
Spot Bitcoin ETFs have added assets in the last six consecutive weeks, bringing assets to over $42.7 billion. BlackRock’s IBIT has added to over $67.9 billion, making it one of the biggest ETFs in the market.
The BTC/USD pair also jumped as hopes rose that the US will pass its first regulations for the industry. The Senate has already passed a regulatory framework for stablecoins, which aim to maintain a 1:1 price.
Bitcoin has also soared because of the recent policies of the Donald Trump administration, which has embraced a more friendly approach. For example, the Securities and Exchange Commission (SEC) has ended numerous lawsuits by companies like Coinbase and Kraken.
The BTC/USD pair also rose as the supply of Bitcoin in exchanges and over-the-counter (OTC) market continued falling. Those in centralized exchanges have dropped to the lowest level in over five years.
Bitcoin has also jumped now that it has become a safe-haven asset now that risks are rising. The first risk came last month as Donald Trump announced his tariffs against most countries. It then increased after Moody’s slashed the US credit rating from AAA to AA1.
BTC/USD technical analysis
The daily chart shows that the BTC/USD pair has been in a strong bullish trend in the past few months. It moved from a low of 74,230 in August to a high of 109,860.
Bitcoin has remained above the 50-day and 100-day Exponential Moving Averages (EMA), a sign that bulls are in control. The pair has formed a cup-and-handle pattern, a popular bullish continuation sign.
Top oscillators like the Relative Strength Index and the MACD have continued rising. Therefore, the pair will likely continue rising, with the next point to watch being at $115,000. A drop below the support at 100,000 will invalidate the bullish outlook.
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Crispus Nyaga is a financial analyst, coach, and trader with more than 8 years in the industry. He has worked for leading companies like ATFX, easyMarkets, and OctaFx. Further, he has published widely in platforms like SeekingAlpha, Investing Cube, Capital.com, and Invezz. In his free time, he likes watching golf and spending time with his wife and child.